The largest city within the state of Pennsylvania, Philadelphia features a residential population of nearly 1.5 million, with the greater Philadelphia metropolitan area containing approximately six million inhabitants. Considered the economic hub of the larger Delaware valley region, Philadelphia offers countless economic and cultural opportunities to both locals and professionals seeking to establish business operations in the area. Thanks to the presence of the Philadelphia Stock Exchange, the city is widely considered to be one of the most important financial centers in the country. Rental properties for lease in Philadelphia, including office space for rent and commercial space for rent, can be found in virtually all of the neighborhood zones in the city proper, as well as throughout the countless communities existing within the larger metropolitan area here. Retail establishments, as well as manufacturing centers, offices and other commercial enterprises can be found throughout the city of Philadelphia.
The median household income levels in Philadelphia are approximately $35,000, markedly below state averages. Although it would appear that these statistics are at odds with the city’s status as one of the largest economic hubs in the nation and world, it’s important to remember that a large number of the city’s business professionals establish residences outside of the city proper. The countless suburbs surrounding Philadelphia feature a large number of affluent communities that are considered ideal locations for raising a family. Some of the more popular industries in Philadelphia include healthcare, education, public administration and the professional, scientific and technical services. Philadelphia has gained an esteemed reputation for the large number of academic institutions found here, many of which also serve as the city’s larger employers.
In recent years, Philadelphia has begun transitioning to a more high-tech, service-based economy, a move which closely follows larger national trends. This, of course, will help to ensure that the city is prepared to attract the brightest minds and talent over the coming decades. A larger number of Fortune 500 companies are currently located in Philadelphia, further strengthening the economy at large.
Unemployment levels in Philadelphia remain slightly elevated above state averages. Given the fact that the state at large is currently experiencing above average unemployment when compared to the national standards, the joblessness rate in Philadelphia becomes even more noticeable.
In addition to a vibrant local economy, Philadelphia also offers a variety of cultural and sports attractions that further diversify and enrich the social fabric of the community. Philadelphia is currently home to some of the most famous museums in the United States, including the Philadelphia Museum of Art, the Pennsylvania Academy of the Fine Arts and the Rodin Museum, the latter of which is the largest collection of Rodin’s art anywhere in the world. Outside of the museums, it should also be noted that Philadelphia has the largest collection of public art in the entire country.
Philadelphia is also home to a number of professional sports teams, including the Philadelphia Eagles (NFL), the Philadelphia Phillies (MLB), the Philadelphia 76ers (NBA), and the Philadelphia Flyers (NHL). The presence of these teams in the area serves as a significant draw for the local economy; it’s not uncommon for individuals living throughout the state to travel here to experience one of these sporting events.
Philadelphia’s renown and importance within American history has helped it to become the economic and cultural powerhouse it is today. The city hosted the First Continental Congress prior to the outbreak of the War for Independence, the Second Continental Congress, which resulted in the signing of the Declaration of Independence, as well as the famous Constitutional Convention, which occurred in the years following the closure of the war and resulted in the drafting of some of the most important documents in the history of the country. Philadelphia also served as the capital of the United States between the years of 1790 - 1800, during which time the official capital of the United States was being constructed. Although the 19th century saw a period of extensive economic development occur in the city, the onset of the 20th century was marked with an abundance of corruption scandals. A series of reforms that were enacted in following decades greatly improved the efficiency of local operations. Today, Philadelphia has become a cosmopolitan cultural center that attracts residents and tourists from all over the world.
As is standard with many of the cities situated on the eastern coastline of the United States, Philadelphia attracts a largely diverse population, primarily due to the abundance of economic opportunities found here. The higher education system found here is also a significant supplier of ethnic diversity, as countless international students find their way to the city, many of whom attempt to secure employment in the area after graduation. On a demographic level, Philadelphia is predominantly Caucasian and African American. That being said, a substantial number of additional ethnic groups can also be found here.
As stated previously, the economic infrastructure of Philadelphia is situated within a period of development and improvement, placing particular emphasis on technology and research. The city is likely to continue its march towards increased diversity, welcoming countless new individuals from communities around the world on an annual basis. Although economic shifts such as this are bound to result in growing pains within the community at large, many believe that the improvements being made here now will, ultimately, result in comprehensive benefits for all choose to live here.
There are various communities located throughout Philadelphia that are quite conducive for starting business operations. Some of the more notable examples include Manayunk, Chestnut Hill, University City, Center City and the Main Line, among others. That being said, the strength of the regional economy ensures that businesses choosing other locations to rent will also be afforded a variety of lucrative economic opportunities.